LYNN — Economic Development & Industrial Corporation of Lynn Board of Directors approved a contract for its new executive director, Danya Smith, Tuesday night.

Smith was appointed director of the EDIC on June 9, following the 20-year tenure of EDIC Executive Director James Cowdell, who retired on June 1.

Smith’s salary is set at approximately $150,000. A three-year contract will begin on Aug. 3 and will continue until Aug 2. of 2029.

As agreed upon in his contract, Smith will have six months from his start date to move to the City of Lynn. Smith is originally from the city, but has not resided in Lynn for the last year, according to EDIC Chair Charles Gaeta.

Smith will also be required to collaborate with various organizations around the city, including the Chamber of Commerce, Lynn Business Partnership, and the North Shore Latino Business Association.

There is also an ongoing discussion of travel expenses, given the need for the EDIC director to be mobile, which Gaeta said he expects to be expanded once Smith is in the role officially.

A Lynn native, Smith has worked as a senior advisor to Nicholson for four years in housing, economic development, education, and project management.